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Stephen Worrallo, who owns the 700-acre island, planned to create a regular helicopter link to allow wealthy visitors to enjoy its unspoilt beaches and rugged scenery.

But the businessman, who is in the construction industry and lives in a castle in Worcestershire, said he had visited Little Cumbrae only on a handful occasions since buying it four years ago. "I live in Worcester and my focus is there," he said. "There are only so many things that you can find time for and I couldn't devote the time required. But it's a fabulous location. The few times I have been up there it's been a real pleasure. Now I want to give someone else the opportunity.

"We had lots of ideas which we never got around to carrying out. But we opened up the island for the first time, so anyone can visit it now. The opportunities are unlimited."

Little Cumbrae, once home to 54 people, has a 13-bedroom Victorian mansion, six cottages, two lighthouses and a 13th century keep.

Mr Davidson, 49, who has acted as caretaker for the last three years, said: "It's got to be a special type of person who would want to come and live here. It's only a mile from the nearest inhabited island, but when the sea kicks up it can seem like a thousand miles."

The island was once under Viking rule, was used by King Robert II in the 14th century for hunting, and was home to an order of nuns in the 17th century.

A 30ft circular tower, the second oldest lighthouse in Scotland, sits at its highest point and was first lit in 1757.

Glenn Hickman, of selling agents HHL Humberts Leisure, said: "It might appeal to a business person who wants a bit of privacy and space. Alternatively, it could appeal to a commercial leisure operator."